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Economy

Currency

• Code: QAR
• Currency Unit: Riyal
• Currency name: Qatari riyal
• Currency symbol: QR

Money Matters

The Qatari Riyal is tied to the US Dollar.

• Preferred Form: Apart from cash, all kinds of cards are accepted: American Express, Diners club, MasterCard, Visa, etc…
• Changing Your Money: Major banks and private financial institutions all perform money exchange in Qatar. Exchanges are open seven days a week (and take only Friday morning off).

Money Tips

If a 10% service charge hasn't already been included in your bill at restaurants, then you could leave an additional 10% tip.

Exports

Qatar’s economy is growing at an exceptional rate, based on oil exports and sharing the largest natural gas field in the world. The Qatari government is taking tangible steps to ease foreign investment. Meanwhile, the country’s economy is diversifying, welcoming U.S. exporters and a large range of goods and services.

Petroleum is the keystone of Qatar's economy and accounts for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings.

Oil has given Qatar a per capita GDP that ranks among the highest in the world. Qatar's proven reserves account for more than 5% of the world total, and currently are the third largest in the world. Production and export of natural gas are becoming more and more important. Long-term goals feature the expansion of off-shore petroleum and the diversification of the economy.

Exports: $24.9 billion

Exports - commodities: liquefied natural gas (LNG), petroleum products, fertilizers, steel

Exports - partners: Japan 41.9%, South Korea 15.8%, Singapore 9.1%, India 5.4% (2004)

GDP:

• Purchasing power parity - GDP: $52.7 billion.
• GDP - real growth rate: 24%.
• GDP - per capita: Per capita income: $75,900
• GDP - composition by sector:
  agriculture: 0.2%
  industry: 81%
  services: 18.8%

Taxation

People residing or working in Qatar would be aware that as of January 1, 1993, the Income Tax Law of Qatar, ( No. 11/1993 ) became effective.

The taxes payable are:

• Corporation Tax, applied mainly to foreign companies.
• Import duties on essential items, imposed at 4% of the value of most products.
• Service tax of 10% and government levy of 5% on restaurant and hotel bills

Salaries in Qatar, wages, personal bank interest and other forms of personal income are not subject to tax, the thing that makes Qatar a very interesting destination to all people looking to get jobs.